{"id":12983,"date":"2024-04-25T10:13:07","date_gmt":"2024-04-25T10:13:07","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=12983"},"modified":"2025-03-06T06:58:22","modified_gmt":"2025-03-06T06:58:22","slug":"asia-nikkei-in-the-dumps-tech-stocks-tumble-yen-weakens","status":"publish","type":"post","link":"https:\/\/www.vtmarketsglobal.com\/en\/analysis\/12983\/","title":{"rendered":"ASIA: Nikkei in the Dumps: Tech Stocks Tumble, Yen Weakens"},"content":{"rendered":"\n

Japan’s Nikkei<\/a> share average recently saw a downturn, dropping 2.16% to close at 37,628.48, following a three-day upward streak. This slide was led primarily by losses in the technology sector, while the market braces for the Bank of Japan\u2019s upcoming policy announcement.<\/p>\n\n\n\n

\"Chart<\/figure>\n\n\n\n

SEE: Nikkei 225 plummets as seen on VT Markets trading app<\/a>.<\/em><\/p>\n\n\n\n

On Thursday, the broader Topix index also dipped by 1.74% to 2,663.53, reflecting a general cautious mood across the market. Specifically, tech companies like Tokyo Electron and Advantest saw declines of 3.48% and 1.71%, respectively, pulling down the tech-heavy index. <\/p>\n\n\n\n

Other major companies like Shin-Etsu Chemical and SoftBank Group <\/a>also saw their shares drop, and even Toyota Motor fell 3.34% despite the yen reaching a 34-year low.<\/p>\n\n\n\n

Yen Above 155 per Dollar<\/strong><\/h3>\n\n\n\n

As noted by VT Markets, the USD\/JPY pair<\/a> rose above 155 yen per dollar, a weakened level not seen since June 1990. This dip in the yen’s value has stirred talk of possible government intervention in the currency market, reminiscent of past instances where significant currency shifts led to official action.<\/p>\n\n\n\n

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Governor Kazuo Ueda reiterated the Bank of Japan\u2019s intention to raise its benchmark interest rate if underlying inflation rises toward its 2% target https:\/\/t.co\/nSH3zhagcB<\/a><\/p>— Bloomberg Economics (@economics) April 23, 2024<\/a><\/blockquote>